Personal finance management is a way to make your dreams come true. Financial planning methods

The financial management of the organization is an integral part of the entire system of the functioning of the enterprise. It is carried out using various methods and techniques. The financial management of an enterprise makes it possible to make important strategic decisions that will determine the successful development of the organization and its solvency. Thanks to this system, the profits are used as efficiently as possible, which increases the value of the enterprise.

Planning is an important element of the financial management system. Its main goal is to determine and reconcile the expenses and incomes of the enterprise. Planning allows you to determine a development strategy and exclude the onset of bankruptcy due to mistakes in financial management.

Planning functions:

— Provision of financial resources.

— Determination of ways of effective investment of funds.

- Determination of ways to increase profits at the expense of the enterprise's reserves.

— Financial contacts with banks, budget, etc.

— Accounting for the interests of shareholders.

— Implementation of control over the state of the budget, solvency, creditworthiness of the organization.

Financial planning methods:

Financial planning is carried out using the following methods:

Method	Purpose
Economic analysis	Determines internal reserves, financial development indicators
Normative method	Calculates the required budget size based on existing norms (for example, tax rate).
Balance calculations	Building a forecast of basic income and expenses
Cash flow forecast	Calculation of expected income and the timing of their receipt
Multivariate calculations	Creation of several options for planned calculations for further selection of the most successful option.
Economic and mathematical modeling	Determining the relationship between financial indicators and factors that influence their formation.

Strategic Goals

The main goal of financial management is to maintain the welfare of the enterprise by constantly increasing its market value. Making a profit at a given point in time does not apply to the goals of financial management, since this alone is not enough. The company can make risky financial transactions in order to get big profits. In such cases, the income received is not a guarantee of the stability of the organization and the prospects for its further development. Making a profit at a given time, the organization may be on the verge of bankruptcy. The organization's welfare system includes the following strategic goals:

— Exclusion of the probability of bankruptcy. In order for an enterprise not to become bankrupt, it is important to constantly monitor the relationship between expenses and incomes, take into account changes in the economic situation in the whole country, carefully monitor the state of the budget and solvency, etc.

— Increasing production volumes. Constant progress and the planned development strategy are the key to stability and a constant increase in the profitability of the organization.

- Avoiding financial losses. It is necessary to take into account all possible financial risks when concluding transactions and minimize them.
— Ability to withstand competition and take a leading position in the market.

- Increasing the value of the organization. The market price of an enterprise is important for its owners, especially for shareholders (if it is a joint-stock company). The higher the price of a company, the higher the value of its shares. Income growth for members of a joint-stock company means an increase in the amount of money that they can receive when selling their share, liquidating the enterprise, or merging.

- Ensuring maximum profit for a specific period. The higher the profit, the greater the size of the capital of the owners of the enterprise. When calculating the profit, the favorable correspondence of the costs incurred for the production of products to the expected income from its sale is determined. The higher the expected profit, the greater the degree of material interest of the organization's management. It is important to understand that there is a direct relationship between the amount of expected profit and the degree of financial risk. Big profits are always achieved by making trades with a high degree of risk. Therefore, the financial managers of the enterprise must clearly assess the acceptable amount of financial risk and its feasibility.

— Ensuring solvency. Maintaining a balance between the receipt of funds and their expenditure is a way to ensure the constant solvency of the organization. This is achieved by strict adherence to the terms of receivables, analysis of the solvency of debtors, timely repayment of the company's debts, etc.

— Formation of necessary financial resources. This goal involves assessing the need for resources, maximizing the use internal resources enterprises, the use of resources from external sources, attraction of financial resources of borrowers, formation of the resource potential of the organization.

— Ensuring the financial stability of the organization. The stability of the enterprise is manifested in its financial stability, solvency, the possibility of independent financing of their material needs.

Tasks of financial management

Achieving the goals involves solving the following key tasks:

— Formation of a balanced movement of material, cash.

— Formation of the amount of financial resources required in a given period of time.

— Efficient use of resources in all areas of the organization.

— Ensuring financial stability.

— Achievement of financial independence.

- Maintaining solvency.

Elimination of inefficient activities.

- Profit maximization.

— Risk minimization.

— Ensuring continuous development.

— Evaluation of the correctness of the decisions made.

— Anti-crisis management (in order to avoid bankruptcy).

— Organization of a system of performance indicators, which is the key to financial stability.

Features of the organization of financial management

The effectiveness of financial management depends on the following conditions:

1. Relationship with the overall control system. The financial management of an organization cannot be effective without interaction with other enterprise management systems. Financial management is directly related to the activities of the production department, innovation department, personnel department, etc.
2. The complex nature of decision-making. Since all the structures of the enterprise are in direct interaction, the direction of financial flows to one department may lead to a lack of funding for another department. The effectiveness of financial management is manifested in an integrated approach to building and distributing cash flows.
3. Dynamism. Financial management should be built on the basis of the current economic situation in the country and the conditions that exist in the enterprise. Techniques, indicators and standards that were effective and relevant in past periods may not be effective in this period of time. A sensitive response to the slightest changes in the financial situation and the timely development of the management system required at the moment make it possible to minimize the likelihood of an enterprise going bankrupt and maintain its solvency.
4. Availability of alternative solutions to the tasks. Each management decision should be made after a thorough analysis of all options.

Classification of financial management functions

The financial management of the organization performs a number of functions aimed at ensuring stability, shaping the prospects for its further development. These features include:

Function	Scope of application
The control	Organization of the internal control system at the enterprise. Control over the fulfillment of the assigned tasks is carried out by subdivisions and departments specially created for this purpose. The control system includes the presence of certain indicators and periods of control. Based on the results of the data obtained, one can judge the efficiency of the enterprise, make adjustments to the work to further improve performance.
Strategy Development	Based on the development plan of the enterprise itself and the situation in the market as a whole, a strategy is formed that provides for further ways of developing the organization. The forecast is formed for the long term, taking into account all areas of the organization's activities.
Information function	Provides an explanation of all existing options for financial decisions, determines the scale of financial needs, forms sources of information (internal, external), systematically monitors the financial condition of the organization and the entire economy as a whole.
organizational function	Accepted managerial regarding the activities of the organization. Financial management must clearly respond to any changes. Effective performance of this function becomes possible if there is organizational structure with a clear hierarchy, in which each department performs its tasks under the control of its immediate supervisor. Departments that perform organizational functions should be in close cooperation with other structures of the enterprise.
Analysis	It implies an assessment of the financial situation that has developed at a given point in time, and a more thorough assessment for the long term. The results of the organization, specific departments, subsidiaries, branches, etc. are also analyzed.
Stimulation	It implies the creation of an incentive system for employees working in the management system (heads of departments, managers). Incentives help keep employees engaged effective execution taken managerial decisions. Employees are tasked with fulfilling plans, meeting deadlines, achieving established targets, complying with necessary standards, etc. When solving the tasks set by the management, employees of financial management units receive incentives in various forms. In case of non-fulfillment of the obligations assigned to them, employees are punished (withdrawal of bonuses, cancellation of privileges, etc.).

Thus, financial management is an important element of the management structure of the organization. The main goal of financial management is not to receive a one-time profit, but to ensure the welfare of the enterprise as a whole. This is manifested in the implementation of a whole range of measures and techniques aimed at eliminating the likelihood of bankruptcy, effective use resources, maintaining solvency, increasing the market value of the company, etc. To achieve positive results, it is important to apply A complex approach, dynamically respond to any changes in the economic situation, interact with other management systems of the organization.

Introduction

Finance: essence, functions, management mechanism

4 Essence and types of financial control

Evaluation of the effectiveness of financial management in Russia

Conclusion

Bibliography

Introduction

finance planning control budget

Russia is going through great difficulties today not only in the field of state structure, but also in the sphere of economy and finance.

Finances play a huge role in the structure of market relations and in the mechanism of their regulation by the state. They are an integral part of market relations and at the same time an important tool for implementation public policy. That is why today, more than ever, it is important to know the nature of finance well, to deeply understand the peculiarities of their functioning, to see ways to use them to the fullest in the interests of the effective development of social production.

A good knowledge of the financial sphere of activity is also necessary today because the country is going through a deep economic and financial crisis.

The problems of financial recovery worry literally everyone today. After all, what is currently happening in financial sector activity is closely related to the personal well-being of each. The size of profits and taxes, contributions to social insurance and pensions, the price of shares and bonds, forms of investment in production and the social sphere, etc. - such issues are being discussed today not only in government circles, they are of great concern to each of us.

The aim of the work is to evaluate the effectiveness of financial management, financial planning, forecasting and control in the country.

To achieve the goal, it is necessary to solve the following tasks:

study the features of financial management;

consider the tasks of planning and forecasting finances;

reveal the essence and types of financial control;

analyze the effectiveness of financial management in Russia.

assess the prospects for the financial development of the country.

1. Finance: essence, functions, control mechanism

1 Features of financial management

Financial management is one of the main and constantly implemented functions of any state. Modern Russian system financial management is characterized by the fact that in the country there are processes of transition from planned-centralized to market economy. Directive-administrative methods of management are being replaced by methods of a regulated financial market.

The main goal of financial management is to achieve the financial stability of the economy and the financial independence of the state. In turn, specific goals are the balance of the budget, the optimization of public debt, the stability of the national currency, the harmonization of the economic interests of the state and its citizens.

Financial management - a set of techniques and methods of influencing an object to achieve certain goals.

Finance can be considered as an object and subject of management.

Objects include:

FPUO;

· insurance relations;

· public finance, etc.

Financial entities are organizations that organize and carry out this management.

Subjects include:

· financial services,

· departments and bodies that exist in the enterprise;

· financial bodies of the state (as the Ministry of Finance, financial ministries of the republics);

· tax inspections.

The financial system of the Russian Federation includes a complex of state and non-state specialized institutions, whose functions include:

a) implementation of various kinds of financial, monetary, insurance, foreign exchange transactions;

b) the same bodies provide audit services;

c) they provide advice on all matters of financial and economic activity;

d) regulate the financial sector.

The financial management system is carried out with the help of the financial apparatus, and the financial apparatus itself is a set of bodies and organizations involved in financial management.

Naturally, the entire financial apparatus also consists of elements similar to the grouping of financial relations.

The first area is financial departments in industries and enterprises.

They manage the financial resources that are created and remain at the disposal of industries and enterprises.

The second sphere is the system of insurance authorities.

The third area is public finance - the Ministry of Finance, all financial authorities, tax services, etc. Management bodies for extrabudgetary funds and all other funds are created in this area.

The fourth area - credit institutions - the Central Bank and commercial banks.

The subject of the study will be the objects and subjects of financial management. The objects of management are various types of financial relations, and the subjects of management are those organizational structures that carry out management. In accordance with the classification of financial relations, three groups of objects are distinguished according to their areas: finances of enterprises (organizations, institutions), insurance relations, public finances. The following management entities correspond to them: financial services (departments) of enterprises (organizations, institutions), insurance authorities, financial authorities and tax inspectorates. The totality of all organizational structures that manage finances is called the financial apparatus.

Subjects general management finance in the Russian Federation are the highest federal authorities - the President of the Russian Federation, the Federal Assembly of the Russian Federation, the Government of the Russian Federation.

The President of the Russian Federation - regulates the activities of the financial system, signs the budget plan, has the right to "veto" financial legislation adopted by the Federal Assembly.

The Federal Assembly of the Russian Federation (consists of two chambers: the Federation Council and the State Duma) - establishes taxes, fees, non-tax payments, approves the federal budget, adopts financial legislation (Budget and Tax Codes, etc.)

The Government of the Russian Federation - considers the federal budget, acts as a single center for financial management. The central body implementing the financial policy is the Ministry of Finance of the Russian Federation. It ensures the unity of financial, monetary and foreign exchange policy in the Russian Federation, coordinates the activities of other federal executive bodies.

Ministry of Finance of the Russian Federation (MF RF):

· provides methodological guidance in the field of financial planning and financing of sectors of the economy;

· develops budgetary federalism;

· develops a draft federal budget;

· draws up a report on the implementation of the federal budget;

· is the consolidated budget.

The Ministry of Finance has the following functions:

· participation in the development of forecasts for the socio-economic development of the Russian Federation for the long-term, medium-term and short-term prospects;

· prepares proposals and implements measures to improve the budget system and the mechanism of interbudgetary relations

· participates in the preparation of proposals on the main directions of monetary policy;

· carrying out measures to control the targeted execution of the federal budget and the execution of targeted budget funds.

The Ministry of Taxes and Dues of the Russian Federation (MNS RF) and the Federal Tax Police Service (FSNP RF) exercise control over the correctness of the calculation, completeness and timeliness of the payment of state taxes and other payments to the relevant budget established by the Russian Federation; The Ministry of Taxation of the Russian Federation also exercises currency control.

The Federal Securities Commission controls the activities of stock market participants, thereby contributing to an increase in revenues to the budget fund.

The system of the Central Bank of the Russian Federation (CBR) is an important body for the implementation of monetary policy. The Central Bank of the Russian Federation, along with the Federal Treasury, carries out cash execution of the budget, controls the activities of other credit institutions.

The Accounts Chamber of the Russian Federation is a special control body that exercises control over the state of federal property and control over the spending of federal funds. The Accounts Chamber is independent from the Government and is accountable Federal Assembly.

The subject of operational financial management is the financial apparatus: the Ministry of Finance of the Russian Federation, the Accounts Chamber, financial authorities of the constituent entities of the Federation, tax authorities and the customs service, insurance organizations, directorates of extra-budgetary funds, financial departments and services of enterprises, organizations and institutions, as well as banks.

The central office of the Ministry of Finance includes the following units:

1. Budget Policy Department - draws up a draft budget and organizes its implementation.
2. Department of Sectoral Financing - determines the direction of financing of individual industries, agro-industrial complex, allocation of investments, financing of transport, communications.
3. Department of Interbudgetary Relations - regulates relations with the budgets of the subjects of the federation.
4. Department of Public Domestic Debt Management - deals with the issuance of domestic government loans, interest payments and repayments.
5. The Department of State External Debt Management - issues external loans and repays them.
6. Audit Department - carries out the regulation and licensing of audit activities, certification of auditors, and also performs the functions of the abolished Control and Audit Department.
7. Department of Accounting and Reporting - develops methods, principles and forms of accounting and reporting, as well as regulatory documents on the forms of accounting and reporting (Chart of Accounts, forms of the balance sheet and income statement, etc.)
8. and other departments.

As part of the Ministry of Finance, on the basis of the Decree of the President of the Russian Federation “On the Federal Treasury”, the Decree of the Government of the Russian Federation “On the Federal Treasury of the Russian Federation”, which approved the Regulations on it, the Federal Treasury of the Russian Federation operates, which is a single centralized system.

Tax authorities of the Russian Federation - a unified system of control over compliance with the tax legislation of the Russian Federation, the correctness of the calculation, completeness and timeliness of making taxes and other obligatory payments to the appropriate budget, as well as over compliance with currency legislation.

The activities of the tax authorities are regulated and determined on the basis of the law "On Tax Authorities of the Russian Federation" and the Tax Code.

Tasks of control by the tax authorities:

1. Identification of the amount of income hidden from taxation, hidden (underestimated) profit.
2. Finding additional payments to budget revenues.

United centralized system tax authorities consists of the Ministry of the Russian Federation for Taxes and Duties and its territorial bodies.

Financial planning is the activity of balancing and proportionality of financial resources. Balance means the optimal ratio between the financial resources at the disposal of the state and the income remaining in the hands of economic entities. Proportionality - a rational ratio between the amount of income before tax and after payment for enterprises, sectors of the economy, regions, subjects of the federation. The state through the increase or decrease of this ratio can stimulate or limit their development.

Financial planning is an integral part of national economic planning, is based on the indicators of the socio-economic development plan, and is aimed at coordinating the activities of all organs of the financial system.

The main object of financial planning are the links of finance, which receive their quantitative expression in the plan. The movement of funds of a particular monetary fund is expressed and fixed in the relevant financial plans, which are combined into a single system.

Management of the processes of creation, distribution, redistribution and consumption of financial resources, optimal and efficient implementation of a competent tax and budgetary policy is carried out with the help of financial planning, the object of which is funds of funds. Thanks to financial planning, a balance of national economic, intersectoral proportions is ensured, ways are determined rational use labor, material and financial resources.

Financial planning at the national and territorial levels is provided by a system of financial plans that are linked to material and labor balances in value terms. Each financial plan solves the problems of organizing and managing finances at a particular level of management.

The system of financial plans includes:

· long-term financial plans;

· consolidated financial balances compiled at the national and territorial levels of government.

Long-term financial planning at all levels of government is carried out in order to:

· ensuring coordination of economic and social development and financial policy;

· forecasting the volume of financial resources necessary to ensure the planned activities;

· forecasting the financial consequences of reforms, programs;

· determining the possibility of implementing various measures in the field of finance.

A long-term financial plan is developed on the basis of indicators for forecasting the economic and social development of the state. It contains data on the capacity of the budget to mobilize revenue and finance expenditure items in the budget.

Since 2006, the Ministry of Finance of the Russian Federation intends to introduce a new method of budget financing in all federal ministries and departments. The purpose of the new methodology is the planning of budget funds, focused on results. It is planned to switch to a three-year forecasting of the main budget indicators. When developing a system of indicators (indicators), it is planned to be guided by the following principles:

minimizing the number of planned (reporting) indicators while maintaining the completeness of information and the timeliness of its provision. As a rule, no more than three indicators should be given for each task. In the case of using a larger number of them, it is necessary to divide the indicators into basic and additional ones;

the use of indicators of final socially significant results that characterize the satisfaction of the needs of external consumers through the provision of public services by the subject of budget planning and subordinate managers and recipients of budgetary funds. External consumers of services are understood as physical and legal entities, their groups, as well as state authorities (local self-government), with the exception of the federal executive body - the subject of budget planning and its subordinate bodies and institutions. The use of indicators of direct results of activity, characterizing the volume and quality of public services provided by the subject of budget planning and subordinate managers and recipients of budgetary funds to external consumers, is allowed only if it is justified that it is impossible to use indicators of final results.

The indicators used to describe the activities of the budget planning entity will include indicators that characterize the level of satisfaction of consumers of public services provided (financed) by the budget planning entity, the volume and quality of services consumed.

The consolidated financial balance of the state is developed by the Ministry of Economy of the Russian Federation with the participation of the Ministry of Finance of the Russian Federation on the basis of macroeconomic indicators.

Budget forecasting is closely related to consolidated financial planning.

Unlike consolidated financial planning, which is usually carried out for a longer period, budget forecasting is targeted and designed for the budget period, i.e. no more than a year. But since the bulk of the indicators of the consolidated financial balance includes a number of budget indicators, when compiling a prospective consolidated financial balance, it is necessary to carry out forecast calculations of the main budget indicators.

A budget development forecast is a complex of probabilistic assessments of possible ways of developing its revenue and expenditure parts.

The purpose of budget forecasting is to develop and substantiate optimal ways of budget development on the basis of current trends, specific socio-economic conditions and prospective assessments and, on this basis, give proposals for its strengthening. Timely consideration of the results of such forecasting is an important condition for taking the most effective measures in the financial policy of the state, region.

The calculation of projected budget indicators is based on different methodological approaches than the calculations of annual budget indicators. If the indicators of annual and quarterly budgets are determined on the basis of direct calculations of economic and financial parameters, then when determining forecast budget indicators, as a rule, this is not possible due to the lack of necessary statistical and reporting data.

When developing a budget development forecast, various methods can be used.

) Extrapolation method, i.e. drawing up a perspective based on the practice of previous periods. However, this method is suitable for forecasting only certain items of budget expenditures and revenues that are more or less stable.

) The method of expert assessments, i.e. a forecast based on estimates made and substantiated by competent specialists in certain branches of science and the national economy is also not without flaws, since it has an element of subjectivity.

a) Applying these two methods simultaneously; at the same time, both objective development trends and expert opinions are used.

One way to extrapolate the main financial patterns can be regression lines, the reliability of which is increased by building multi-step correlation models that make forecasted budget indicators dependent on several variables. Therefore, work on the budget forecast should begin with the identification and study of factors (variables) that affect the formation of the budget. These factors include the development of the country's productive forces and the availability of national financial resources, demographic changes, the development of economic sectors, etc.

To calculate the main indicators of the federal budget for the future, correlations can be used between the volume of federal budget revenues and two variables: national income and gross output of industry and agriculture, as well as the relationship between these indicators and income tax. The correlation coefficients show great closeness in the studied relationships, and this is understandable: budget revenues are formed primarily at the expense of national income, and the relationship between income tax and profit itself is obvious.

When forecasting the amount of budget resources for the future, one should use a deep economic and statistical analysis of current trends, which allows, on average, with a certain degree of probability, to level the influence of many factors, to identify the most common trends in the totality. Qualitative analysis showed that the statistical models that determine the resources of the federal budget, gave well-consistent data regarding its volume in the near future.

The regression equations with the above two variables are linear:

where y is the volume of federal budget resources;

x - 1) products produced in the sectors of the national economy,

) produced national income;

a0, a1 - coefficients of the regression line that determine its specific form based on the initial data.

When developing these models independent problem represents finding the values ​​of the independent variables (national income and output) in the forecast period. To determine them, forecast calculations of the indicated general economic indicators are used. Economic analysis is supplemented by the study of the rates of development of the studied indicators, their mutual relations, calculations of the average annual rates of the phenomena under study by years, comparison of their development with the rates of other economic quantities (production fixed assets, population, etc.). Such an analysis is necessary because the federal budget is related to real economic situations and therefore quickly responds to changes in any sector of the national economy, is associated with the policy in the field of social protection of the population, changes in the procedure for financing the main costs of the state, etc.

There are also methods of multifactorial modeling, balance, normative and other methods.

3 Essence and types of financial control

Financial control, being a form of implementation of the control function of finance, is a set of actions and operations for compliance with financial and economic legislation and financial discipline in the process of formation and use of monetary funds at the macro and micro levels in order to ensure the expediency and efficiency of financial and economic operations.

The object of financial control is monetary relations, redistribution processes in the formation and use of financial resources, including in the form of monetary funds at all levels and in all parts of the economy.

Financial control includes:

• verification of compliance with economic laws (optimality of distribution and redistribution of national income);
• preparation and execution of the budget plan (budget control);
• efficient use of labor, material and financial resources of enterprises and organizations, budgetary institutions;
• tax control.

Financial control pursues the following tasks:

• promoting a balance between the need for financial resources and the size of funds;
• ensuring the timeliness and completeness of the fulfillment of financial obligations to the state budget;
• identification of intra-production reserves for increasing financial resources.

Depending on the subjects of control exercising financial control, the following types are distinguished:

• national control, carried out by state authorities. The main goal is to ensure the interests of the state and society in terms of income and expenditure of public funds;
• departmental control, carried out by control and audit departments, other structures of ministries and departments, covers the activities of enterprises, institutions and organizations accountable to them;
• on-farm control is carried out by the economic and financial services of enterprises and organizations. Object of control - economic and financial activities;
• public control is carried out by non-governmental organizations. The object of control depends on the tasks facing them;
• independent control is carried out by special bodies: audit firms and other services.

The methods of financial control include:

• The audit is carried out on certain issues of financial and economic activity on the basis of reporting, balance sheet and expenditure documents. During the audit, violations of financial discipline are revealed and measures are planned to eliminate them.
• The survey covers certain aspects of the activities of enterprises, organizations and institutions.
• Supervision is carried out by regulatory authorities for economic entities that have received a license for certain kind financial activities: insurance, banking, etc. It involves monitoring compliance with regulations and rules.
• Economic analysis, as a kind of financial control, aims to detailed study periodic or annual financial and accounting statements for the purpose of a general assessment of the results of economic activity, financial condition and substantiation of the possibilities of their effective use.
• Audit - the most common form of financial control, which is an interconnected set of audits of the financial and economic activities of enterprises, institutions and organizations. The audit is carried out to establish the feasibility, validity, economic efficiency of the completed business transactions, to check financial discipline, the reliability of accounting and reporting data - to identify violations and shortcomings in the activities of the audited object.

State and municipal control

Main Control Directorate of the President of the Russian FederationRepresentative body of state powerControl and financial bodies of executive powerCommittee on Budget, Financial, Currency and Credit Regulation Committee on Budget Taxes, Banking and FinanceMinistry of Finance of the Russian FederationFinancial bodies of constituent entities of the Russian FederationGovernment of the Russian Federation

Departmental and on-farm control

Audit financial control

Rice. 1. Structure of financial control bodies

The principle of separation of powers gives important role financial control over the activities of executive authorities by representative authorities and determines its new content. The fundamentals of control are enshrined in the Constitution of the Russian Federation, in the Constitutions of the constituent republics of the Federation, as well as in the fundamental laws and legal acts of representative bodies of local self-government and executive authorities.

2. Evaluation of the effectiveness of financial management in Russia

1 The structure of the financial management and control bodies of the country

Since finances are carriers of distribution relations, this distribution occurs, first of all, between various economic (managing) entities. Therefore, in the aggregate of finances that form the financial system, the following major areas can be distinguished:

· public finance;

· finances of enterprises and organizations.

The financial system in its broadest sense also includes the credit and banking system (the totality of banks and other credit institutions of the country).

Rice. 2. Financial system of the Russian Federation

Each of these areas has an organizational structure and consists of several links.

The links of the first sphere - national finance - belong to centralized finance and are used to regulate the economy and financial distribution relations at the macro level.

The links of the second division (finance of enterprises and organizations) include decentralized finance and are used to regulate and stimulate the economy and social relations at the micro level.

The credit and banking sphere consists of banks and other credit institutions of the country. The structure of the financial system that has developed in the Russian Federation as a result of market transformations in the 1990s and the system of state financial bodies are shown in Figure 1.

The division of the financial system into separate areas (divisions) and links is due to the peculiarities of the functioning of each link, differences in the methods of distribution and use of funds of funds and, consequently, a special role in the financial system.

A brief description and the role of individual structural units of the financial system of the Russian Federation will be considered below.

National finances include the budget system (state budget), state off-budget trust funds, state credit, state insurance fund.

The budget system of Russia is based on economic relations and state structure The Russian Federation is the totality of budgets (federal, regional and local) and off-budget funds. The budget system includes the state credit, the state insurance fund.

The state budget of the Russian Federation is a form of formation and spending of a fund of funds intended for financial support of the tasks and functions of the state and local government, the main financial plan for the formation and use of a centralized monetary fund. It ensures the fulfillment of the functions of the state, which consist in pursuing public policy, mainly through the redistribution of income received, first of all, through the taxation system. The state budget of the Russian Federation combines the federal budget, territorial budgets (budgets of subjects of the Russian Federation) and local budgets.

The next link of national finances are the state off-budget trust funds. When moving to market conditions management were formed the following extra-budgetary social funds: pension, social insurance, compulsory health insurance. These funds are federal property, but act as independent financial and credit institutions of the financial system. Extra-budgetary funds have a designated purpose - financing of social services provided to the population.

Along with state off-budget funds for social purposes, funds for economic purposes are being created, at the expense of which the state's needs in solving economic problems are met. Organizationally, non-budgetary funds are separated from budgets and have a certain independence.

State credit reflects credit relations regarding the attraction by the state of temporarily free funds of the population, enterprises and organizations to finance public expenditures. State credit is based on the voluntariness of payments to the state treasury. State credit is also external loans of the state, when the state takes a loan from foreign countries to cover the budget deficit.

The Insurance Fund provides compensation for possible losses from natural disasters and accidents, and also contributes to the implementation of measures to prevent them.

Enterprise finance is one of the important links in the financial system of the Russian Federation. They function in the production and non-production sectors of the economy.

The credit and banking system is a set of banks and other credit organizations that carry out credit relations.

Thus, in order to exercise control over the execution of the federal budget, the Federation Council and the State Duma form the Accounts Chamber (Article 101 Part 5 of the Constitution of the Russian Federation). The composition and procedure for the activities of the Accounts Chamber is determined by the Federal Law of the Russian Federation. The sphere of authority of the Accounts Chamber is control over federal property and federal funds. All legal entities are subject to control insofar as they receive, transfer and use funds from the federal budget and off-budget funds, use federal property, as well as whether they have tax, customs and other benefits granted by federal bodies.

The Accounts Chamber is obliged to monitor the state of the state internal and external debt of the Russian Federation, the activities of the Central Bank of Russia in servicing the state debt, the effectiveness of the use of foreign credits and loans received by the Government of the Russian Federation, as well as the provision by Russia of funds in the form of loans and free of charge to foreign states and international organizations.

Carrying out control activities, the Accounts Chamber has the right to conduct audits and thematic audits, the results of which it informs the Federation Council and the State Duma. If a violation of laws that entails criminal liability is revealed, it transfers the relevant materials to law enforcement agencies.

In its activities, the Accounts Chamber interacts with other control bodies of the Russian Federation. The control bodies of the President and the Government of the Russian Federation, the Federal Counterintelligence Service, the control bodies of the subjects of the Federation, law enforcement agencies, central bank, the State Tax Service and other bodies are obliged to assist the activities of the Accounts Chamber.

The Accounts Chamber should regularly provide information on its activities to the media mass media.

The Control and Budget Committee was transferred to the jurisdiction of the State Duma and the Council of Federations. Its competence includes, in addition to expert and analytical work on financial issues related to income and spending of budgetary funds, also financial control over: execution of the federal budget; observance of the law and increasing the efficiency of public funds allocated to finance budgetary organizations, the sphere of material production, and defense; formation of income and expenses from foreign economic activity; using extrabudgetary funds.

Control functions in the field of finance are also carried out by representative bodies of state power of the constituent entities of the Russian Federation, which is enshrined in their legislation in accordance with federal acts, and local governments.

With a view to the effectiveness of presidential control, a special control body has been created under the jurisdiction of the President of the Russian Federation - the Control Directorate of the President of the Russian Federation (transformed from the Control Directorate of the Administration of the President of the Russian Federation).

The control department has territorial subdivisions. All these bodies act as a system for ensuring the constitutional control powers of the President of the Russian Federation. On behalf of and on behalf of the President of the Russian Federation, they exercise control over the execution by the federal state authorities and state authorities of the subjects of the Federation of the Constitution of the Russian Federation, decrees and orders of the President. The Directorate reports directly to the President of the Russian Federation as a structural subdivision of his Administration. The main functions of the Control Department are:

Analysis of the activities of special bodies of control and supervision of federal executive bodies, divisions

Administration of the President, executive authorities of the subjects of the Federation;

Consideration of complaints and appeals of citizens, enterprises, institutions.

All of them imply the possibility of conducting control, which is financial in its content.

The department is not empowered to apply any sanctions, however, it has the right to send orders to eliminate identified violations to the heads of federal executive authorities, heads of executive authorities of the constituent entities of the Federation. These instructions must be considered by the relevant authorities and officials within 10 days.

Executive authorities direct the control activities of their subordinate bodies government controlled, including financial ones, as well as directly exercise financial control themselves.

Within its powers, the Government of the Russian Federation controls the preparation and execution of the federal budget, the implementation of a unified financial, credit and monetary policy, exercises systematic control over the implementation of the Laws of the Russian Federation and other acts regulating financial relations by other executive authorities of the subjects of the Federation, takes measures to eliminate their violations.

The powers of the Government of the Russian Federation include control over the activities in the field of finance of ministries subordinate to it, state committees and others, including bodies of the federal financial service. At the same time, the Government of the Russian Federation has the right to cancel the acts of these bodies.

Directing the activities of its subordinate bodies to exercise financial control, the Government of the Russian Federation adopts legal acts (normative and individual) regulating the procedure for this activity. Thus, the Government of the Russian Federation approved the Regulations on the Ministry of Finance of the Russian Federation (Decree of August 19, 1994), the Regulations on the Federal Treasury of the Russian Federation (Decree of August 27, 1993), and other services where financial control functions are assigned.

The most important place in the system of financial control is occupied by the Ministry of Finance of the Russian Federation, which not only develops the country's financial policy, but also controls its implementation.

First of all, the Ministry of Finance exercises financial control in the process of developing the federal budget; controls the receipt and expenditure of budgetary funds and funds of federal non-budgetary funds; participates in carrying out currency control; controls the direction and use of public investment.

It should be noted that the control powers of the Ministry of Finance of the Russian Federation apply to financial resources only at the federal level. In those cases when the activities of the executive authorities of the constituent entities of the Federation are checked, it control functions should not go beyond these limits. This approach is based on the principle of independence budget device In Russian federation.

However, taking into account the 1998 The Budget Code, we note that the Ministry of Finance is entrusted with financial control over the execution of the budgets of the subjects of the Russian Federation and local budgets, if the subject of the Russian Federation receives assistance in the amount of more than 50% of the costs of its consolidated budget. An audit is appointed and the execution of the budget of a subject of the Federation passes under the control of the Ministry of Finance in cases where the subject is not able to ensure the servicing and repayment of its debt obligations.

Financial control is exercised by all structural subdivisions of the MFRF according to their competence. Thus, the treasury bodies are called upon to implement the state budget policy; manage the process of execution of the federal budget, while exercising strict control over the receipt, targeted and economical use of public funds. In connection with the increasing role of taxes in state revenues, it became necessary to allocate organs tax service into a special system. The activities of the tax service are aimed at ensuring a unified system of control over compliance with Russian tax legislation, the legality of the calculation, the completeness and timeliness of paying taxes to the budget and extra-budgetary funds. The bodies of the State Tax Service are endowed with a wide range of control powers and rights to apply coercive measures against violators of tax laws. At the same time, in order to ensure the security of the Russian Federation and strengthen state discipline in the field of taxation, federal tax police bodies were created, which include territorial and local bodies in the Federal Tax Police Service.

The functions of the state insurance supervision bodies are also limited to a special area - insurance activities. They are carried out in order to ensure compliance with the requirements of the legislation of the Russian Federation on insurance, development of insurance services, protection of the rights and interests of participants in insurance relations.

The restructuring of the banking system and the emergence of commercial banks have significantly changed the functions of banks (credit authorities) in the field of financial control. A special role in its implementation belongs to the Central Bank of Russia. He organizes and controls monetary relations in the country, supervises the activities of commercial banks. For this purpose, created special unit- Department of Banking Supervision. At the same time, the CBR has the right to apply administrative enforcement measures to banks that violate the law and established rules of activity. The Central Bank exercises control over compliance with the legislation on currency regulation.

For the first time in the legislative plan, the issue of mandatory departmental or internal control has been resolved. The main manager and manager of budgetary funds is charged with the responsibility to exercise control over the use of these funds.

Also, with all the listed structural units of the MFRF, there is a special control unit designed specifically for financial control - this is the Control and Audit Department. With its territorial bodies on the ground.

2 Development and execution of the country's budget

In 2003 there was a turning point in the development of the Russian economy. If from 1999 to 2002 the growth of the economy slowed down every year: 10 percent in 2000 (in relation to the previous year); 5.1 percent in 2001 and 4.7 percent in 2002, then according to the results of 2003, the growth almost doubled compared to 2002 and amounted to 7.3 percent. The average annual growth rate of Russia's GDP over the past five years amounted to 6.7 percent, which is 4.3 percentage points higher than the growth rate developed countries and by 1.9 percentage points from emerging economies.

The budgetary policy in 2003-2004 was characterized, according to the President of the Russian Federation V.Putin, by the consistency of achieving the set goals and by increasing its role in ensuring macroeconomic stability. This was reflected in the fact that, on the whole, the formation of the main elements of a modern tax system was completed, which to a greater extent provides stimulation of positive structural changes in the economy and the social sphere; the introduction of elements of medium-term financial planning began; conceptual approaches to program-targeted budgeting are defined.

At present, expenditure powers and measures of responsibility for their implementation at all levels of state power and local self-government are legislatively established. This made it possible to begin work on introducing amendments to the Budget and Tax Codes of the Russian Federation aimed at ensuring a balance between incomes and expenditures of budgets of all levels and solving other problems.

The planned indexation of wages of employees of public sector organizations and civil servants was carried out. The real size of pensions has increased. For the first time, pensions were recalculated for working pensioners according to new rules, which allow increasing the size of the pension by continuing to work at retirement age.

The budget process was linked with the work on the revision of the regulated tariffs of natural monopolies. The maximum peak of external debt payments has been passed. Russia's international credit rating has reached investment grade.

A legal basis for the formation of the Stabilization Fund of the Russian Federation has been created, thereby increasing the stability of the budget system to fluctuations in the external economic situation.

table 2

Expenditures of the federal and consolidated budgets of the Russian Federation, in % of GDP

199920022005200720092010planFederal budget expenditures, % of GDP14,114,615,615,114,313,513.0Consolidated budget expenditures, % of GDP25,825,828,126,524,823,222.5

The dynamics of the federal and consolidated budgets of the Russian Federation, presented in the table, is considered graphically in Figures 3 and 4.

2001 2003 2005 2007 2010 2011 (planned) years

Rice. 3. Expenditures of the federal budget of the Russian Federation, in % of GDP

1999 2001 2003 2005 2007 2010 2011 (planned) years

Rice. 4. Expenditures of the consolidated budget of the Russian Federation, in % of GDP

The change in the economy mentioned above in 2003 was also reflected in the share of expenditures of the federal and consolidated budgets in GDP. Until 2003, this share increased, and then it steadily decreases, which indicates a change in the ratio between the public and private sectors in the economy in favor of the latter and is a trend of a gradual transition from etatism to market relations.

However, there are still deep problems that need to be addressed, without which further improvement in the quality of budget policy is impossible.

Budgetary legislation does not yet fully meet modern requirements. The existing mechanisms limit the possibilities and institutional incentives to improve the efficiency of public financial management.

The economic efficiency of the public sector of the economy remains low. It is still too big and difficult to manage. Unreasonable restrictions remain on the privatization of certain types of state property.

The existing network of budget recipients is not optimal. Budget appropriations are still distributed between budget institutions regardless of the volume and quality of the services provided, their social utility.

To a small extent, program-target methods are used in the formation of the budget. The current federal targeted programs for the most part are not an effective tool for structural reforms.

The problem of ensuring the fulfillment of state obligations under investment projects and other programs, the duration of which exceeds the financial year, remains. When forming the budget, the list of such obligations is subject to revision each time, often on the basis of subjective criteria.

A law on public procurement that meets modern realities has not been adopted.

Formation new system compulsory health insurance is delayed, therefore, the right to receive affordable and high-quality medical care for all segments of the population is not realized.

The overall tax burden on entrepreneurial activity is unreasonably high, although it has decreased for many types of economic activity.

There have been no significant changes in the simplification of tax accounting, improving the interaction of tax authorities with taxpayers.

At the same time, in our opinion, the general macroeconomic direction of federal budget regulation remains unclear. The purpose of the financial policy of the state is the active balance of the budget. Meanwhile, there are other approaches to the regulation of the federal budget: 1) annual balancing of the budget; 2) cyclic balancing of the budget; 3) refusal to balance the budget, but the stabilization of the economy (functional financing).

The budget is based on the long - term priorities of the country 's development .

This is, first of all, ensuring the overall macroeconomic balance: guaranteed fulfillment of budgeted obligations; tying up excess cash liquidity; a consistent reduction in public debt servicing costs, taking into account the significant volume of external debt payments due in 2010. The focus of the budgeting process is shifting from cost management to results management. The budget is formed based on the goals and planned results of state policy, and budget allocations are tied to state functions. To this end, actions are being taken in the following areas.

Reform of budget classification and budget accounting.

On the federal level only the main positions of the economic and functional classification, which are mandatory for all levels of the budget system, are determined to ensure greater freedom of maneuver for public authorities in the budget process.

Streamlining procedures for the preparation and review of the budget, including the analytical separation of existing and newly accepted spending commitments.

Existing obligations are unconditionally included in the expenditure side of the budget, unless there is a decision to cancel or suspend them. New expenditure obligations are accepted only if there are financial possibilities for the entire period of their validity and subject to their expected effectiveness. This simplifies the procedure for considering the budget, increases the predictability of the entire budgeting system.

Increasing the role of a long-term financial plan in the budget process.

Distribution of budgetary resources between administrators of budgetary funds and (or) budgetary programs implemented by them, depending on the planned level of achievement of the set goals in accordance with the medium-term priorities of socio-economic policy and within the forecasted volumes of budgetary resources in the long term. This increases the independence and responsibility of budget administrators for ensuring the planned results, which are indicated according to clear criteria and indicators for their evaluation.

A clear definition of performance indicators for federal government agencies.

Orientation of federal targeted programs towards solving large and requiring long-term implementation of investment, scientific, technical and structural projects of an intersectoral nature with clear performance indicators.

Creation of a new regulatory framework and ensuring strict compliance with the rules of public procurement, applicable to all procurement carried out in the interests of the state (including in the field of defense and security).

Much attention in the media is given to the tax policy of the state. We are talking about lowering the rates of taxes such as VAT and UST. With regard to VAT, some economists consider it inexpedient for the time being to reduce its rate, and suggest focusing on the administration of this tax. According to expert estimates, from 50 to 70% of the accrued domestic VAT is actually collected. Therefore, first it is necessary to raise the bar for VAT collection, and then unify the rate (that is, abandon the current preferential rate of 10% for certain goods) and only after that discuss the issue of lowering VAT.

With regard to the UST, the president stated that the reform of the unified social tax is designed to provide increased economic incentives to increase wages and legalize its payment while reducing the burden on business. To do this, it is necessary to reduce the effective rate of the unified social tax and adjust the mechanism for applying regression. According to the Minister of Finance, the proposal to reduce the UST rate to 15% still needs to be finalized, as it will cause a further increase in the gap between income and expenses of the Pension Fund and other social structures due to the difficult and constantly deteriorating demographic situation in the country.

The main objectives of the budget reform for the medium term 2010-2011 are to stimulate the structural restructuring of the economy, diversify its structure, reduce the fiscal burden on the economy, and improve the welfare of the population.

Conclusion

The work done allows us to say about the goals of financial management and planning, their main directions and features in Russia.

Financial management is one of the most important control levers of the financial system and present stage undergoing major changes.

Having studied this topic in sufficient detail, we came to the conclusion that modern Russia is characterized by a close relationship of four problems: poverty, inefficiency, corruption and an outdated management system. The bureaucracy that embodies the government of the country in Russia has not fundamentally changed since tsarist times. The goals and methods of management have been preserved. Only this machine is heavily rusted in the aging process. Related to this is the inefficiency of management, economics, and social relations. The very fact that the country is in a state of transition makes its heavy contribution. These circumstances lead, on the one hand, to poverty, and on the other hand, they manifest themselves in large-scale and ever-increasing corruption. The latter is not only an indicator of governance problems, but, not limited to targeted efforts, creates new problems that further increase inefficiency and poverty. This is a vicious downward spiral, leading the country to decline and disintegration. To break this spiral, in my opinion, is possible only in the case of a series of reforms. One thing is clear: not carrying out a reform of the country's governance (it is often called administrative reform) means not increasing efficiency, not reducing corruption, and not becoming prosperous.

Although, it should be noted that any administrative reform in Russia always leads to one thing - to an increase in the number of officials. And regardless of the results of the reform itself.

The purpose of financial policy is the most complete mobilization of financial resources necessary to meet urgent needs, the development of society. Having studied the theory and structure of finance, we can conclude that in modern conditions, when fundamental changes are being made in all spheres of society, it is important to ensure timely resolution of legislative problems. The unsatisfactory state of legislation hinders economic initiative and hinders social development. Disagreements in legal regulation turn into costs in the economy, negative social and moral consequences.

Analyzing the state of finances and their relationship with financial policy, we can say that the improvement of budgets will contribute to streamlining the budget process in the regions: ensuring the “transparency” of budget items and their compliance with the federal classifier, consolidating regional non-budgetary funds into the budget.

Much attention in the development of finance and financial policy is given to the definition of rational forms of withdrawal of enterprise income in favor of the state, as well as the share of participation of the population in the formation of financial resources. Great importance is attached to increasing the efficiency of the use of financial resources by distributing them among the spheres of social production, as well as their concentration in the main directions of economic and social development.

In conclusion, special attention is paid to the listed problems in Russia, since they are among the most important for our country.

Bibliography

1. Tax Code of the Russian Federation: Part One of July 31, 1998 No. 147-FZ (as amended on March 30, July 9, 1999, January 2, August 5, 2000, March 24, December 28, 29, 30, 2001 ., May 28, June 6, 30, July 7, 2002).
2. Tax Code of the Russian Federation: Part Two dated August 5, 2000 No. 117-FZ (with additions and amendments).
3. Federal Law of August 15, 1996 No. 115-FZ “On Budget Classification Russian Federation"(As amended by Federal Laws of 08/05/2000 N 115-FZ, of 08/08/2001 N 127-FZ, of 05/07/2002 N 51-FZ, of 05/06/2003 N 53-FZ, of 05/26/2004 N 45- FZ, dated June 29, 2004 N 58-FZ).
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7. Rodionova V.I., Vavilov Yu.A., Goncharenko L.I. etc. Finance / Under. Ed. V.M. Rodionova. - M.: Finance and statistics, 2004.
8. Socio-economic situation in Russia - M., Goskomstat, 2005.
9. Finance: Textbook for universities / Ed. M.V. Romanovsky, O.V. Vrublevskaya, Sabanti, - M.: Perspective; Yurayt, 2006.
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www.budgetrf.ru

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Financial management of an enterprise is, first of all, the management of financial resources.

Financial management contains two aspects - investment (where and how much to invest money) and financial (where to get this money).

Here are the questions, the answers to which lie in the field of financial management:
- How to meet the needs of the owners of the enterprise? Are the strategic goals set by the main owners being met?
- Where to invest the available financial resources? What should be the size and optimal composition of assets to achieve the set strategic goals?
- How to form funding sources? Where to find funding sources and what should be their composition?
- Is the company operating efficiently? How to organize financial activities that ensure profitable work?
- How to ensure the rhythm of current financial and economic activities, balance current payments and receipts?
- How to ensure the unity of goals of the owners (principals) and management personnel?

Main objectives of financial management
The main goal of the financial manager in the company is to constantly increase the welfare of its owners. This goal is achieved by maximizing profits and increasing the market value of the shares of the joint-stock company, as well as providing liquidity.

Goal 1: Profit maximization over a period of time (year).
Profit maximization is traditionally considered the main goal of financial management of an enterprise - profit maximization. On the one hand, profit characterizes the efficiency of the economic activity of the enterprise, on the other hand, it is the source of development of the enterprise and ensuring the implementation of the enterprise strategy. Profit increases the capital of the owners of the enterprise and allows you to implement the principle of material interest. When calculating profits, the rule applies to the correspondence of income from the sale of products to the costs incurred in connection with the production and sale of these products. This rule is called the accrual principle. Compliance with this principle is necessary for the correct calculation of the profitability of products, the efficiency of the use of enterprise resources.

Goal 2: Increase in the value of equity (equity) capital.
The third goal is directly related to the value of the enterprise for its owners. For joint-stock companies whose shares are listed on the stock exchange, the market price of equity is determined by the product of the number of shares and the market value of the share, and this value is not always equal to the value of the enterprise, determined through the value of its net assets. For the shareholders of the enterprise, it is important not only to receive net profit, part of which is distributed among the shareholders in the form of dividends, but also to increase the total price of the company, reflected in the growth in the market value of its shares. This value determines the amount of shareholders' capital, that is, the amount of money that they can receive when selling shares, liquidating a company, or merging companies.

Goal 3: Providing liquidity (solvency).
In order for the company to be not only profitable, but also solvent, it is necessary to maintain a balance between the inflow and outflow of funds. For this, payment discipline must be observed. This includes: strict adherence to the terms of receivables, assessment of the solvency of debtor enterprises, repayment of the obligations of the enterprise, even if this leads to a decrease in the increase in production volumes, control over the ability of the enterprise to engage in long-term investment at its own expense, control over the withdrawal from circulation of funds necessary to maintain the normal supply of the production process.

The main financial statements of enterprises and their purpose
Any company regularly generates standard financial reports:
1. Form 1: Balance Sheet (see Appendix 1).
2. Form 2: Profit and Loss Statement (see Annex 2).
3. Form 3: Statement of changes in equity (see Appendix 3).
4. Form 4: Statement of cash flows (see Appendix 4).
In addition, the financial statements are supplemented by the following documents:
5. Explanatory note on the main methods of accounting (accounting policy).
6. Auditor's report on the compliance of financial statements with the real state of the enterprise.

Consider the purpose of the main financial statements. The company's balance sheet provides information about financial position enterprises and needs:
- to assess the financial position of the enterprise;
- evaluation of the structure of sources of financial resources of the enterprise;
- assessment of the liquidity of the company's assets and solvency. The profit and loss statement of a company provides information about the performance of an enterprise for a certain period. Required:
- to assess the profitability and efficiency of the use of enterprise resources;
- evaluation of the business activity of the enterprise.

The cash flow statement provides information about the change in the financial position of the enterprise and is required:
- to assess the operating, investment and financial activities of the enterprise;
- assessment of the enterprise's ability to create cash and cash equivalents;
- assessment of the company's need for cash.

The statement of changes in equity shows the total change equity enterprises at the expense of net profit and other receipts and withdrawals unrelated to the results of the enterprise. The main idea of ​​this report is to sequentially adjust the balance of capital for the previous reporting period by subtracting accrued dividends and the result of the revaluation of investments and fixed assets and adding net profit for the reporting year and additional issue, which ultimately gives the company's capital at the end of the year.

Required:
- to assess the change in share capital;
- evaluation of the company's dividend policy;
- estimates of changes in capital due to additional capital from the revaluation of fixed assets and share premium;
- assessment of the company's policy in the distribution of profits (what funds are created and how dividends are paid).

The main types of financial accounting in the enterprise
Accounting at the enterprise consists of three types of accounting:
1. Tax accounting
2. Financial accounting
3. Management accounting

Financial accounting is a highly regulated accounting system designed primarily to provide information to external users. Financial accounting is maintained in accordance with the requirements of PBU RF.

Tax accounting is an accounting system aimed at determining the tax base and tax liabilities for the corresponding tax. Tax accounting is carried out in accordance with the requirements of the Tax Code of the Russian Federation.

Management accounting is a system of internal accounting and data processing of business activities for managers at various levels, on the basis of which they make more informed decisions in order to improve the efficiency of current operations.

Organizational Chart of Financial Management
The interaction of various control functions can be shown as follows (Fig. 27).
The organization and management of finances at the enterprise are carried out by financial services headed by managers / managers (Fig. 28). Depending on the field of activity, functions and responsibilities are determined. The functions of the main financial managers are distributed as follows:
- Financial director - analysis, financial planning.
- Chief accountant - accounting and control of finances.
- CEO- organization and setting of tasks of financial management.

However, all managers are involved in organizing the financial activities of their departments in one way or another.

In international practice, it is accepted that all financial functions are under the direction of the financial director, including the accounting department, however, in the Russian Federation, the chief accountant reports directly to the general director.

For effective management at enterprises, appropriate divisions are created, reporting either to the chief accountant or to the financial director. The enterprise independently chooses the organizational structure and levels of subordination. However, in general, the functions of the general managers and their departments can be formulated as follows.

Functions of financial managers in an enterprise
CEO:
- Approves the order and regulation on the accounting policy of the enterprise;
- Responsible for the timeliness and correctness of financial and tax reporting;
- Organizes the activities of the financial service;
- Determines the goals and objectives of financial management;
- Controls the financial activity of the enterprise through the accounting service;
- Appoints and dismisses financial managers.

CFO:
- Performs general financial analysis;
- Carries out financial planning and forecasting;
- Provides financial resources to the enterprise, manages debt and equity capital;
- Determines the dividend policy;
- Carries out financial decisions of a current nature, manages liquidity, balances the inflow and outflow of funds;
- Carries out inventory management;
- Carries out management of securities and currency transactions;
- Carries out investment management;
- Carries out insurance of financial risks;
- Carries out tax planning;
- Organizes the activities of financial services.

Chief Accountant:
- Organizes accounting: collection and processing of primary documentation, cost accounting;
- Prepares financial statements;
- Carries out tax accounting and control over the timeliness of the transfer of tax payments;
- Carries out short-term planning, preparation of cost estimates and short-term budgets;
- Analyzes profits, prices, costs;
- Organizes the activities of control and internal audit services.

Information about the financial position of the enterprise and the effectiveness of its activities is reflected in the financial statements. Financial reports provide information, primarily for external users (shareholders, creditors, investors, government agencies, etc.), necessary to form an opinion on the solvency, profitability, and financial stability of an enterprise. Therefore, reporting must be unified, that is, drawn up according to certain rules.

How professionally organized enterprise financial management, the position of the company in the market and the size of its profit directly depend.

Building a financial management system includes the development of an arsenal of tools that can improve the efficiency of not only the financial service, but the organization as a whole. Therefore, studying the issues of optimizing the financial management system is relevant for any company, especially in an unstable economic situation.

What is financial management of an organization or enterprise

Financial management of an enterprise is the work of a financial manager who plans, organizes and controls all the operations of the company, analyzes changes in the structure and volume of funds of financial resources, and monitors financial flows. To manage the resources of the organization, the financial manager uses various tools of the financial mechanism.

The financial mechanism (management) of enterprises is a set of tools to influence the finances of an enterprise, the purpose of which is to organize the company's work in the financial sector, effectively manage the organization's property and its sources, achieve planned performance indicators determined on the basis of professional competencies employees, requirements of regulatory legal acts, theoretical concepts and market realities.

The financial mechanism can be viewed from different points of view: from the objective point of view, as a management system built on the basis of the postulates of economic concepts and laws, and from the subjective point of view, as a set of tools used by an enterprise at a certain stage of development to solve specific problems. The implementation of the financial mechanism in the activities of the enterprise is carried out by managing economic indicators, standards and other instruments (such as profit, profitability, cost, tax base, debt turnover ratio, etc.).

The key goal of the financial mechanism is to maximize the results from the functions performed by finance, including providing the organization with sufficient financial resources, and avoiding cash gaps. At the same time, the financing of the needs of the organization can be carried out both at the expense of its own resources, and in case of a deficit at the expense of borrowed funds.

The financial activity of an enterprise is a set of actions of employees of the financial unit, involving the adoption and implementation of decisions in the field of financial management. In a broad sense, financial activities and enterprise financial management are similar categories.

What are the goals of corporate financial management?

The key goals of enterprise financial management are to maximize profits, capitalization (market value) and solvency (liquidity) of the company in order to satisfy the interests of owners. The implementation of these goals is the responsibility of the head of the financial unit of the organization.

Goal #1: Profit maximization over a period of time (year)

Financial management of a commercial enterprise is aimed at making a profit. Maximizing this indicator, respectively, is what every company strives for. Profit not only allows you to ensure the further development of the enterprise (due to investment in various areas), but also reflects the degree of efficiency of the organization. Increasing the income of business owners directly depends on the growth of profits.

Profit is calculated as the difference between revenue and cost. In monetary terms, it reflects the results of the enterprise. The efficiency of the company in relative terms is determined on the basis of the profitability indicator, which is calculated as the ratio of profit to revenue or other indicators (cost, capital, assets, etc.).

Goal No. 2. Growth in the value of equity (equity) capital

Public companies whose shares are traded on the stock market are interested in increasing their market value or capitalization of the company. Firstly, it affects the amount of dividends paid to shareholders of the company. Secondly, the market value of the company determines the amount of profit that the shareholder earns from the sale of his block of shares or in the event of a restructuring or bankruptcy of the company. The market value of a company's share capital is calculated as the product of the market price of one share and the total number of shares in the market.

Goal No. 3. Providing liquidity (solvency)

Maximizing a company's profits and market value closely interacts with maintaining its liquidity or solvency. Liquidity is the ability of an enterprise to pay its debts in a timely manner and in full. Solvency management occurs through the formation and maintenance of the company's payment discipline. It is based on the management of receivables and payables: a preliminary analysis of the solvency of counterparties, monitoring compliance by debtors with the conditions for payment for shipped goods, the formation of reserves for overdue debts and their cancellation after three years, the timely repayment of own debts, including at the expense of credit resources.

Responsibility for managing the finances of the enterprise (financial management)

Building the work of the financial service, selecting qualified specialists and monitoring the process and results of their activities are the key responsibilities of any manager. The implementation of the financial management system in the company, as a rule, is carried out by a special unit, which can be represented either by one employee or a full-fledged department. At the head of such a financial service is its own leader. Based on the size of the organizational structure and industry specifics of the enterprise, financial management functions can be distributed among several departments. In Russian and foreign practice, the functions of financial management are divided between the following managers:

• The CFO is responsible for the preparation and implementation of the budget policy, as well as for monitoring the use of the company's own and borrowed resources:
• chief accountant resources of the company and their sources;
• the CEO formulates the financial strategy, develops the financial policy of the enterprise.

Such a division of financial management functions between different departments involves the delimitation of areas of responsibility and the organization of their coordinated activities.

In our country and abroad, approaches to organizing the activities of financial services differ. In Western companies, the accounting and finance departments report directly to the CFO, who reports to the CEO. In Russia, traditionally, the accounting department represented by the chief accountant immediately reports to the general director.

In the future, depending on the needs of the company, additional financial units are created in its organizational structure, which report either to the chief accountant or financial director. The choice of the financial service organization model is carried out by the company independently.

Traditionally, job responsibilities in the field of planning and financial management of an enterprise are delimited between managers as follows.

1. The General Director organizes the work of the financial service. He hires and dismisses the heads of financial departments, provides strategic financial management of the enterprise, formulates directions for financial management, controls the achievement of key performance indicators, is responsible for the correct execution tax documents and the timeliness of their submission to the tax authorities.
2. The CFO takes on the task of financial forecasting and planning. He organizes the operational management of the enterprise's finances: analyzes the reporting, decides on the amount of dividends paid, analyzes the need for borrowed resources and the conditions for obtaining them, monitors the payment discipline and liquidity of the organization. Also, the duties of the financial director include the implementation of the company's investment policy (analysis of investment projects, determination of payback periods and profitability, search for sources of financing), organization of insurance against various types of risks, inventory management (calculation of their norms and standards in production), currency values ​​and financial instruments companies.
3. The chief accountant performs the following duties: analyzes the company's expenses and income, maintains accounting records and records of expenses, prepares the necessary data for the company's reporting in accordance with the requirements of PBU, is responsible for violation of the deadlines for paying taxes and fees, organizes short-term financial planning at the enterprise.

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What kind of reports do you need to manage your finances?

As part of financial management, each commercial organization is required to regularly prepare the following types of reports: balance sheet, income statement (financial results), as well as annexes to them (statement of changes in capital, cash flow statement, report on the intended use of funds received ).

Each type of reporting company performs certain functions.

1. The company's balance sheet forms a complete picture of the functioning of the organization and makes it possible to:

• find out whether the enterprise is profitable or unprofitable at a particular point in time;
• analyze the ratio of own and borrowed funds in the capital structure;
• determine the level of business activity of the company;
• calculate the profitability of the company and analyze the efficiency of the use of material and financial resources;
• determine the liquidity and solvency of the company.

2. The statement of changes in capital volumes discloses information on all changes in the structure of the company's own resources and reflects data on the share of own shares repurchased from shareholders.

Report functions:

• analysis of the movement of equity capital formed by ordinary and preferred shares;
• assessment of the profitability of the company's shares;
• control and analysis of directions for using the company's profits (formation of various consumption and accumulation funds, the amount of dividends paid).

3. The cash flow statement forms a complete picture of all receipts and payments of the company in the context of the main, investment and financial activities.

Report functions:

• evaluate the results of the company's activities (deficit or surplus of resources) in three areas of activity;
• identify cash gaps and the current cash deficit and determine the sources of their coverage.

In order to monitor the results of activities in organizations, the following types of accounting are used.

1. Managerial. This is a system for collecting, processing and analyzing indicators of the company's performance, designed for the company's own needs (middle managers and top management). Reporting forms are developed based on the needs and characteristics of the functioning of the company, therefore, small business financial management and financial management manufacturing enterprise may differ. On the basis of management reports, key performance indicators of the organization are evaluated, reserves for their growth and ways of optimization are determined.
2. Financial. This is a legally regulated system for recording information about the company's activities. The key users of the reporting are external entities (tax authorities, banks, audit companies). All transactions are recorded in accordance with the requirements of accounting, enshrined in the relevant RAS.
3. Tax. It is also a legally regulated system of accounting for primary information. The purpose of reporting is to determine the tax base for taxes and fees paid by the organization. The main users of these reports are the tax authorities.

Basic methods of enterprise financial management

At the heart of financial management are special methods and tools with which financial management and financial analysis of the enterprise are carried out. The effectiveness of management is determined by the choice of the most optimal methods and tools from the arsenal of the financial manager to achieve the goals and objectives.

The key methods of financial management are operating system, control and short- and long-term planning.

A well-organized operating system of an enterprise affects the financial performance (profit or loss), allows you to optimize the company's cash flow and minimize costs.

Financial control makes it possible to conduct a plan-fact analysis of significant performance indicators, identify errors and shortcomings in the financial management system and promptly correct them.

Planning is the basis of financial management. It is based on an analysis of the current state of the organization and drawing up plans for the development of the company, taking into account the chosen strategy, market conditions and the influence of other external factors. The organization's financial plan is based on information obtained from various sources (for example, from accounting and statistical reporting).

An effective operating system, planning and control allow minimizing potential risks for the company. In addition, within the framework of risk management, other methods of managing the finances of an enterprise are also used.

1. Modeling is the creation and analysis of possible options for the development of a company in the presence of several variables. It makes it possible to develop a plan of action for the company in advance in the implementation of negative scenarios.
2. Monitoring is forecasting, identifying the conditions for the occurrence and analysis of the results of the onset of risk events.
3. Combining probable dangers to the business makes it possible to minimize the expected losses of the company.
4. The division of responsibility implies the delegation of responsibility for the occurrence of risky events to all participants in financial relations (investors, counterparties, other structural divisions of the company). The losses of each of the participants individually will be significantly less than the total losses of the organization.
5. Exclusion of losses makes it possible to evaluate potentially unprofitable financial decisions by calculating the company's losses from their implementation (for example, using a long-term bank loan to finance a cash gap).
6. Diversification means investing in various assets that differ in terms of time, profitability and, accordingly, riskiness.

How anti-crisis financial management of an enterprise is built

Professional financial management in unstable market conditions is the key to the successful operation of the company and its further development.

During a crisis, many organizations experience significant difficulties in the process of work, as they are forced to seek solutions to controversial issues. So, on the one hand, the organization has obligations to repay debts to creditors (banks and counterparties). On the other hand, the company is in dire need of financial resources to maintain its operations and generate profits. On one side of the scale is the possibility of developing the enterprise, on the other - possible losses associated with the payment of interest on overdue debts. As a result, most companies decide not to spoil their business reputation and credit history and suspend the implementation of investment programs due to lack of funding.

According to experts, errors in financial management during a crisis can lead to overspending the company's budget by a third. This may be due to the fact that the costs of the enterprise were not cut in time and correctly. Another reason is the lack of a planning and control system, the intuitive use of the profits received, without assessing the consequences of the decisions being made.

What are the principles of financial management in a crisis?

1. Early diagnosis of crisis phenomena in the financial activities of the organization. In order to prevent the development of adverse situations and the risk of bankruptcy, it is very important to monitor the financial condition of the company, as well as follow the developments in the economic and political sphere of society. Forecasting the impact of global crises on the activities of the organization will make it possible to take necessary measures in advance and avoid negative consequences.
2. Urgency of response to crisis phenomena. In a crisis, the operational management of the enterprise's finances is of great importance. The financial service represented by the financial director or chief accountant needs to quickly make management decisions: cut costs, freeze investment projects, recover receivables from counterparties, etc. This gives the company a competitive advantage over other market players.
3. The adequacy of the organization's response to the degree of real threat to its financial balance. A set of anti-crisis measures applied by a financial manager must meet certain requirements: balance (taking into account internal and external factors), comparability.
4. Full implementation of the internal possibilities of the organization's exit from the crisis. The instability of the economic situation during the crisis explains the need to use mainly own resources to finance the company's activities. attraction borrowed money(for example, bank loans) can increase the risks of loss of solvency and liquidity of the organization.

The main directions of managing the financial flows of an enterprise in a crisis

Ensuring the adequacy of funds

1. Refined method. It is based on the planned values ​​of production volumes and product sales. Based on the amount of revenue and accounts receivable of counterparties, the receipt of funds to the settlement account (or cash desk) of the company is calculated.
2. Extended method. Actual data on revenue for previous periods are used, on their basis average indicators are calculated, the values ​​of which are used to predict the amount of cash.
3. Express method. Based on the average values ​​of revenue for the actual period, planned indicators are calculated. This is a fairly simplified method that is applicable when managing the finances of a small business.

The need for funds is determined by the following formula Dpl \u003d (OPpl: OPsr) * Dsr - Apol + Apol.sr, where

• Dpl - the planned volume of proceeds from the sale of goods, works, services;
• Dav - average revenue calculated on the basis of actual values ​​for previous periods;
• OPpl - the volume of goods shipped to customers from the warehouse of the enterprise;
• OPsr - the average volume of goods shipped to customers from the enterprise's warehouse, calculated on the basis of actual values ​​for previous periods;
• Apol - advance payments received from contractors in the planned period;
• Apol. cf. - the average size advance payments from customers, calculated on the basis of actual values ​​for previous periods.

All indicators are measured in monetary terms (in rubles).

Savings on the current costs of the enterprise

The main goal of financial management in a crisis is to reduce costs, manage receivables and payables. This is achieved by using prepayment contracts with buyers and working with problematic, overdue obligations.

Restructuring of accounts payable of the enterprise

The consequences of economic crises affect all market players. Therefore, both companies and banks are interested in timely repayment of both principal and interest on loans. This can be achieved by debt restructuring, which provides the borrower with more favorable repayment terms, and the bank retains the possibility of receiving interest income on an initially doubtful loan.

Distinctive features of the restructuring:

• change in loan repayment terms (as a rule, medium-term loans are transformed into long-term ones);
• reduction of monthly payments (due to changes in terms and interest rates);
• writing off part of the debt (with the consent of the bank);
• granting an interest-free deferment for repayment (the so-called grace period).

Accounts receivable management

Financial management of an enterprise in an unstable economic situation requires competent management of its receivables. The main goal is to accelerate the turnover of receivables, that is, the fastest possible repayment by buyers. This is possible through careful preliminary analysis the solvency of customers, the use of an advance payment system or full prepayment before shipment of products.

Enterprise restructuring

The restructuring of the company is usually seen as the last way out of the current unfavorable situation for the company. This is due to the fact that this tool of anti-crisis management is quite labor-intensive. The essence of restructuring is to change the organizational structure and legal form of the company by merging, acquiring or joining another organization.

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How to evaluate the effective financial management of an enterprise

Financial management of the enterprise is carried out in the context of the following areas:

• financial relations;
• policy in the field of issuance of securities and payment of dividends;
• management of financial and real investments of the company.

Evaluation of the effectiveness of decisions made in these areas requires the development of an appropriate methodology, including the choice of objects and evaluation criteria.

1. Working capital and capital management. It includes the calculation and analysis of such indicators as the turnover ratio, load factor, capital productivity and capital intensity, return on capital and assets of the enterprise.

2. Financial risk management. It involves the use of various tools: diversification, insurance, risk hedging.

3. System of non-cash payments. The effectiveness and expediency of the applied forms of non-cash payments are analyzed, the speed of operations and the costs of their implementation are estimated.

4. System of business planning and budgetary funds. In this case, we study the degree of adaptation of the company to market conditions, the effectiveness of the organizational structure of the enterprise.

5. Management of the company's cash structure. The main goal is to minimize the cost of raising capital and maximize the market value of the company.

6. System for attracting investments. Priority is given to long-term investments. The presence of "long" money in the company reduces the risk of loss of liquidity and solvency.

7. The effectiveness of the organization and its business activity. The main indicators for analysis are the turnover periods of the company's accounts payable and receivable.

8. Dynamics and level of financial success of the company. Quantitative and qualitative indicators of the company's financial condition are assessed: different types of profit (EBIT, EBITDA, net, gross) and profitability (capital, production, sales).

The methodology for assessing the effectiveness of financial management may look like this:

1. Conversations are held with managers, interviews are taken with staff, documentation is collected and analyzed. The goal is to identify weaknesses in the financial management of the enterprise, to identify areas for improvement.
2. All credit documents are analyzed. The information base is: loan agreements, provisions on the accounting policy of the organization, all types of company reporting.
3. The financial policy of the company is controlled. The assessment begins with an analysis of the deviations of the company's actual performance from the planned ones. If the error is 5% or more, then the reasons are further clarified and ways are considered how to prevent this from happening in the future.